To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to provide for a sequestration of all budgetary accounts for fiscal year 2000 (except Social Security, Federal retirement, and interest on the debt) equal to 5 percent of the OMB baseline.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require: (1) a sequestration of FY 2000 appropriations (including any under a continuing resolution) equivalent to five percent of the Office of Management and Budget (OMB) FY 2000 baseline; and (2) the President to issue an order, by a specified date, to fully implement the sequestration. Prohibits any reduction in benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act, Federal retirement benefits for members of the uniformed services or Federal officers or employees, and payments for net interest on the national debt.